Talking to the press about the gold price situation, Ms. Nguyen Thi Huong - Director of the Statistics Office said that domestic gold prices fluctuated in the same direction as world gold prices. As of March 28, 2025, the average world gold price was at 3,000.08 USD/ounce, up 10.31% compared to February 2025.
"In March 2025, world gold prices increased sharply and continuously hit new peaks due to the combined impact of many economic and geopolitical factors. Increased global tensions, especially the US's new tax plan, have increased market instability," Ms. Huong commented.
According to Ms. Huong, the US Federal Reserve's loose monetary policy with kept interest rates unchanged and signals of possible future cuts increases the attractiveness of gold. In addition, central banks, especially in Asia, have stepped up gold purchases to diversify reserves, contributing to increasing demand for gold in the world.
Flourishments in the international stock market and geopolitical instability in Ukraine and tensions in the Middle East further strengthen the role of gold as a safe haven, contributing to the increase in gold prices.
Domestically, the gold price index in March 2025 increased by 4.68% compared to the previous month; increased by 32.68% compared to the same period last year; increased by 10.75% compared to December 2024; On average, in the first quarter of 2025, the gold price index increased by 31.45%.
For more information and USD prices, Ms. Huong said - domestic fluctuations are in the opposite direction to world prices. As of March 28, 2025, the USD price index on the international market reached 103.94 points, down 3.15% compared to the previous month.
The reason is that many investors expect the Fed to cut interest rates soon, along with concerns about new US tariff policies, declining consumer confidence and fluctuations in the financial market have reduced demand for holding the USD.
Domestically, the average USD price in the free market fluctuates around 25,685 VND/USD. The USD price index in March 2025 increased by 0.77% compared to the previous month; increased by 3.4% compared to the same period last year; increased by 0.92% compared to December 2024; On average, in the first quarter of 2025, the USD price index increased by 3.63%.
